Postwar developments in business cycle theory: a moderately classical perspective
For issues regarding business cycles, the Phillips curve or aggregate supply portion of a macroeconomic model's specification is crucial. Unfortunately, the relevant dynamic behavior is poorly understood: flexible-price models appear inconsistent with the data, while existing sticky-price models are unlikely to be policy invariant. Nevertheless, current knowledge is adequate to design a rule for monetary policy that would, if maintained, result in near-zero inflation and output fluctuations that are small by historical standards. An operational rule of this type is described and some indication of its effectiveness is reported. Copyright 1988 by Ohio State University Press.
(This abstract was borrowed from another version of this item.)
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): (1988)
Issue (Month): ()
|Contact details of provider:|| Postal: |
Web page: http://www.clevelandfed.org/
More information through EDIRC
|Order Information:|| Email: |
When requesting a correction, please mention this item's handle: RePEc:fip:fedcpr:y:1988:p:459-478. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Lee Faulhaber)
If references are entirely missing, you can add them using this form.